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Porter County foundation discusses options to finance airport request, no loan approved
Summary
Board members and counsel debated three legal and administrative options for using foundation or county funds to lend to the airport, including relying on home‑rule authority, creating a revolving loan fund, or seeking legislative change. No loan was authorized at the meeting.
The foundation's board discussed whether to provide up to $5 million to the local airport but did not approve any loan or binding action.
The discussion centered on three options presented by Attorney Scott McClure: proceed under a home‑rule argument despite statutory limits; create a revolving loan fund under existing statute (described in the meeting as “5-1-14”); or seek legislation to explicitly allow the foundation or county to make such loans. “I don’t think the formal interpretation of marketable securities is advisable,” Attorney Scott McClure said, arguing that the foundation statute’s fiduciary language and investment rules limit direct lending under current law.
Why it matters: board members said a locally issued loan could save municipalities on underwriting and legal costs and keep interest paid to local taxpayers, but they also flagged legal, fiscal…
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